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Broward County sees very positive over the year growth and low unemployment rate of 3.4 percent
 
Published Monday, January 22, 2018

(Fort Lauderdale, FL) - Broward County’s job report indicated a 3.4 percent unemployment rate in December 2017.  This rate was 1.0 percentage point lower than the region’s year ago rate of 4.4 percent.  Nonagricultural employment increased by 20,200 jobs (+2.4 percent) over the year, with an employment of 860,600 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County).  The region’s jobless rate was 0.3 percentage point lower than the state rate (3.7 percent).  Out of a labor force of 1,026,696, up 16,622 (+1.6) over the year, there were 34,813 unemployed Broward County residents.

“Florida’s current unemployment rate of 3.7 percent is down 7.5 percentage points from the last recession peak rate of 11.2 percent reached in 2009-10,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “Florida’s over-the-year job growth rate has been positive for the past 89 months and finishes strong in 2017 as all 10 major industries experienced positive over-the-year job growth in December 2017”

Data and Analysis

The Ft. Lauderdale‐Pompano Beach‐Deerfield Beach Metro had the fastest annual job growth rate compared to all the metro areas in the state in education and health services (+6.3 percent) in December 2017. The Ft. Lauderdale‐Pompano Bch‐Deerfield Bch Metro Division had the highest annual job growth compared to all the metro areas in the state in education and health services (+6,800 jobs) in December 2017. The Ft. Lauderdale‐Pompano Bch‐Deerfield Bch Metro Division had the second highest annual job growth compared to all the metro areas in the state in information (+300 jobs) in December 2017.

The construction (+10.5 percent); education and health services (+6.3 percent); other services (+6.2 percent); and government (+2.0 percent) industries grew faster in the metro area than statewide over the year. The major industry sectors that added jobs over the year in the metro were: and health services (+6,800 jobs); construction (+4,700 jobs); professional and business services (+3,600 jobs); other services (+2,400 jobs); government (+2,100 jobs); manufacturing (+900 jobs); financial activities (+900 jobs); and information (+300 jobs). The trade, transportation, and utilities (‐800 jobs) and leisure and hospitality (‐700 jobs) industries lost jobs over the year.

 

December 2016 to December 2017

Industry

Job Change (% Change)

Education and Health Services

+6,800

  (+6.3%)

Construction

+4,700

 (+10.5%)

Professional and Business Services

+3,600

  (+2.4%)

Financial Activities

+900

  (+1.6%)

Manufacturing

+900

  (+3.2%)

Information

+300

  (+1.6%)

Leisure and Hospitality

-700

  (-0.7%)

Trade, Transportation and Utilities

-800

  (-0.4%)

 Source: U.S. Department of Labor, Bureau of Labor Statistics

The major sectors that gained jobs from November 2017 to December 2017 were trade, transportation, and utilities (+800 jobs); professional and business services (+800 jobs); construction (+700 jobs) and manufacturing (+100). Information (+300 jobs); education and health services industry and financial activities lost jobs over the year.

 

November 2017 to December 2017

Industry

Job Change (% Change)

Trade, Transportation and Utilities

+800

  (+0.4%)

Professional and Business Services

+800

  (+0.5%)

Construction

+700

  (+1.4%)

Manufacturing

+100

  (+0.3%)

Leisure and Hospitality

+0

  (+0.0%)

Information

-100

  (-0.5%)

Education and Health Services

-100

  (-0.1%)

Financial Activities

-400

  (-0.7%)

Source: U.S. Department of Labor, Bureau of Labor Statistics 

Florida’s seasonally adjusted unemployment rate for December 2017 was 3.7 percent, which is 374,000 jobless Floridians out of a labor force of 10,127,000. Florida’s seasonally adjusted total nonagricultural employment was 8,705,900 in December 2017, an increase 213,500 jobs (+2.5 percent) over the year.  Florida’s unemployment rate was down 1.2 percentage points from the December 2016 rate of 4.9 percent. As of December 2017, Florida's unemployment rate has declined or held steady over the year for 90 consecutive months. Florida’s December unemployment rate was up 0.1 percentage point from the November 2017 rate.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 3.6 percent in December 2017 compared to 3.8% in December. This rate was 1.0 percentage point lower than the region’s year ago rate of 4.6 percent.  In December 2017, nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 635,700, an increase of 10,300 jobs (+1.6 percent) over the year.  Out of a labor force of 723,635 in the metro area, up 5,549 (+0.8) over the year, there were 25,835 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 4.5 percent in December 2017; which held steady from November’s 4.5%.  This rate was 0.8 percentage point lower than the region’s year ago rate of 5.3 percent. In December 2017, nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,220,600, an increase of 35,000 jobs (+3.0 percent) over the year. Out of a labor force of 1,439,851, up 31,623 (+2.2) over the year, there were 64,537 unemployed residents in the region.  

In Broward County, we see year over year job growth and continued improvement in the local economy.  Target industries, identified by the Greater Fort Lauderdale Alliance, are adding jobs to the community.  As the primary economic development organization for Greater Fort Lauderdale/Broward County, the Greater Fort Lauderdale Alliance continues to help companies create, expand and retain high-wage jobs and generate capital investment in high value targeted industries, developing more vibrant communities and improving the quality of life for our area’s citizens. For more information, visit www.gflalliance.org

 


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